Gas Insulated Substation Market Volume Forecast And Value Chain Analysis Till 2033

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posted on 7 months ago — updated on 1 second ago

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Gas Insulated Substation Market Volume Forecast And Value Chain Analysis Till 2033

Envisaging robust expansion, the global gas insulated substation market is poised to witness substantial growth, commencing with an estimated value of US$ 14.6 billion in 2023. A meticulous analysis conducted by Future Market Insights (FMI) predicts an impressive surge, projecting the market to attain a valuation of US$ 24.6 billion within the next decade.

The driving force propelling this remarkable growth in the gas-insulated substation market is the escalating demand for compact, low-maintenance power systems. Gas-insulated substations have emerged as a superior alternative to their air-insulated counterparts, providing heightened reliability and efficiency. This transformative shift underscores the industry's unwavering commitment to addressing evolving energy needs through innovative and dependable solutions.

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Market Drivers and Challenges in the Gas-Insulated Substation Landscape:

The gas-insulated substation market is on an expansion trajectory, driven by the escalating value of per-hectare land. These substations' space-efficient design demands significantly less room than conventional counterparts, requiring merely 10% of the installation area. This compact footprint is a compelling factor propelling market growth.

Globally, the momentum has swung toward investments in clean and renewable energy ventures. This transition, coupled with burgeoning renewable projects and heightened electricity consumption, positions the gas-insulated substation market for a promising future, teeming with potential.

Key Drivers:

Adaptability and Compactness: The market is set to burgeon over the next seven years owing to the soaring demand for adaptable solutions that can seamlessly fit within diverse structures. The ascendancy of compact power systems is expected to steer global market expansion, while the substation's resilience in challenging environments like arctic or desert regions is poised to amplify its market footprint.

Key Insights:

U.S. Dominance: Throughout the forecast period, the U.S. is projected to capture the lion's share of the global gas-insulated substation market. This leadership is attributed to regional industry leaders adept at tailoring designs to meet operational requisites, ensuring cost-efficiency without compromising stability or employee well-being.
Asia Pacific Ascendancy: The Asia Pacific region, spearheaded by China and Japan, is poised to claim the highest market share. Market players in this region have notably introduced phase-separated and enclosed type GIS solutions that exemplify compactness and robust construction, fortified by years of expertise.
Indoor Installation Prowess: The "indoor" installation category is anticipated to command the lion's share of revenue throughout the forecast period. Its versatility to be placed in confined spaces, residential zones, and industrial complexes—coupled with its portability—positions it as a dominant revenue generator.

Key Players:

General Electric Company
Hitachi Ltd.
ABB Ltd.
Larsen & Toubro Limited
Siemens AG
Mitsubishi Electric Corporation
Eaton Corporation PLC
Toshiba Corp
CG Power and Industrial Solutions Ltd
Schneider Electric SE
Bharat Heavy Electricals Limited
Elsewedy Electric Co S.A.E.
Powell Industries Inc.
Hyosung Corp

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Recent Developments:

In November 2018, ABB has been granted a contract by German grid operator TransnetBW for an electrical substation upgrade. ABB is responsible for installing the world's first 380kV gas-insulated switchgear under the $40 million contract.
In 2020, The Hitachi ABB Power Grids joint venture was formed by Hitachi Ltd. The new business is anticipated to offer financial power to support ambitious projects and new commercial potential as the sector embraces decentralization and digitization.

Key Segments Profiled in the Gas Insulated Substation Market Survey:

By Basis of Installation: